Snoozer Of A Morning
Call it a snoozer of a morning
after the initial pullback buy
opportunity (tip of the hat to the gap down to our key trend support), as
traders seem to be spending more time at the beach than at the trading desks on
this summer Friday. The Qs remain in yesterday’s 13-minute uptrend as we await
either another leg up or a bit of a breather toward hourly support. Longer term,
the Qs are approaching daily resistance, so we’re setting up for quite an early
July battle between recent intraday supports and the longer-term downtrend.
Given the current no-man’s land and recent price pace, waiting for the market to
make its next move and either setting up a pullback buy or spike short might be
the only play that will interest me until Monday. Of course, the market lately
has been all about doing the unexpected, so stay alert.
12:00 P.M. ET
I want to remind you
that this weekend is an excellent time to review your trading records for the
past quarter. As I’ve mentioned several times in the past, quarterly income is
about the only time frame I care about when it comes down to evaluating income
and performance, although the weekly and monthly data can certainly be useful to
detect trends at the micro-level. (I could care less about trade or daily
results.) The past quarter had something for everyone, as we ranged from
mega-trend days which never ended to severe intraday chop as evidenced by the
last few days.
At this end, my best days continue to be when I follow the methods religiously
(thankfully, most of the time) and trade the Qs, and not so well when I’m
experimenting, not particularly focused, or try to get "cute." Over
the next quarter, I’ll spend some time discussing my experiences in contrasting
NQ vs. QQQ trading which addresses one of the most asked questions I continue to
get via e-mail. As a preview, while there are benefits to both and it’s largely
a matter of style and comfort, I’d take the Qs over NQ every day.
Lastly, if you have time over the weekend, you may want to peek at my
"Trading the QQQ" article that appears in the July edition of Stocks
& Commodities which touches on much of what we’ve reviewed here over the
last year.
From the QQQ School
and Video
Mailbag
"I know this trading thing is supposed to be "unemotional,"
but I am just glad all this hard work I have been doing is starting to pay off.
I owe a great debt to Trading Markets and you especially. Warm regards."
R.
"Thanks for your help and a
truly great course — it is the last seminar I will ever need to purchase
(unless you do another one)." J.H.
Good Trading and Have a Great Weekend!